SSE shares closed at a five-month low, sinking as much as 3.2pc as the City baulked at the plans. National Grid, which presents full-year results tomorrow, sank more than 2pc before halving its losses.

Labour’s official Bringing Energy Home proposal claims public ownership would spark a “Green Industrial Revolution”.

The Confederation of British Industry called the plans “hanging a ‘closed’ sign above the UK”. “The country needs policies focused on powering economic growth in the future, not revisiting mistakes,” said policy director Matthew Fell.

Support for Labour’s nationalisation agenda has slumped in recent weeks, says a ComRes poll for Water UK

ENA Members

Plan Details

A leaked Labour party document has revealed plans for a swift and sweeping renationalisation of the country’s £62bn energy networks at a price decided by Parliament. The blueprint, seen by the Telegraph, lays bare for the first time Mr Corbyn’s plan to bring all energy network companies under public ownership “immediately” following a Labour election win.

Those in Labour’s sights include the FTSE 100 energy giant National Grid, which is worth over £29bn, and the transmission arms of Big Six energy companies SSE and Scottish Power. The nationalisation agenda will also include all 19 of the UK’s smaller regional gas and power grids and the massive subsea power cables linking the UK to Europe.

The agencies will be tasked with sourcing low carbon or renewable sources for 60pc of all energy use by 2030. They will also oversee the rollout of electric vehicle charging networks and new energy storage projects across the country.

A spokesman for National Grid warned that the state-ownership plans “would only serve to delay” the huge investments needed to help the UK take a lead in the green economy.

The Price?

The Government gets to set the price paid for the takeover.

Labour Self Destruction

The Labour party is already split in several pieces over Brexit.

This move will raise more than a few eyebrows.

Corbyn in Praise of Venezuela

Recall that Corbyn is a supporter and fan of Venezuela and Hugo Chavez.